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Nov 2, 2012
11/12
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this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that the country was rallying behind and do his job in a way that got praise by the keynote speaker at the republican convention, chris christie, very tough critic of the president otherwise. so i don't think many voters are going to blame president obama for what's going on right now, and leave aside the fact that the states in which the difficulties are occurring db new york, new jersey, connecticut are all reliantly democratic states. what is much more important to the outcome of this election, michelle, is what's going on behind me at this afl-cio phone bank where union volunteers are mak
this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that...
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Oct 30, 2012
10/12
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katrina when it hit new orleans was one thing about a it was so devastating, it wiped out literally homes and roads and bridges and caused a mass amount of devastation, so a huge amount of rebuilding there. what's important here going forward is that you are going to get economic support from this at least in the short term. is there a lot of severe structural damage that has to be replaced. but about don't forget one thing, when you can to this type of activity, there is one negative impact of this longer term which is that you pull forward future activity. so money spent today that would have been spent potentially later on. so a short term boost for the economy and longer it term still the concerns of the overall weakness. >> especially when it comes to flood insurance, a lot of that comes from the federal coughers when they're under more scrutiny than ever. going into next year, do you expect this to change the tenor around government spending at all? >> well, that's kind of an interesting question here, question have to solve the fiscal cliff first. and the spending in government las
katrina when it hit new orleans was one thing about a it was so devastating, it wiped out literally homes and roads and bridges and caused a mass amount of devastation, so a huge amount of rebuilding there. what's important here going forward is that you are going to get economic support from this at least in the short term. is there a lot of severe structural damage that has to be replaced. but about don't forget one thing, when you can to this type of activity, there is one negative impact of...
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Oct 29, 2012
10/12
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but that was worse in some ways than katrina was the gdp event. because katrina kind of localized. it was a gross domestic product event in that there was so much rebuilding that had to be done that there were just months and months and months of lumber going up, shingle going up, roof tile going up, appliance going up. from what you hear with 60 million people, this could be a gdp event. i know the futures are down. look, there's terrible tragedy coming if everybody's right. but there will be insurance that pays off billions. and that will go back into the u.s. economy. i'm not looking for silver lining when there is the lethality of the storm. be aware, they weren't looking for it either in andrew. then it was just months and months of better gdp. >> that's an excellent point. joining us this morning, former new york governor george pataki joining us on the cnbc newsline. good to have you. good morning. >> nice being on with you. >> i assume you heard part of the mayor's presser. normally when you're about eight, nine hours ahead of landfall, you get a little more clarity here. n
but that was worse in some ways than katrina was the gdp event. because katrina kind of localized. it was a gross domestic product event in that there was so much rebuilding that had to be done that there were just months and months and months of lumber going up, shingle going up, roof tile going up, appliance going up. from what you hear with 60 million people, this could be a gdp event. i know the futures are down. look, there's terrible tragedy coming if everybody's right. but there will be...
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Nov 2, 2012
11/12
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these are like in some cases katrina-like pictures in terms of the devastation. >> even with a jobs report that the critics are -- >> it's hard for them to cite size it. some of them are making up numbers. most of the economists i talk to are calling this a stronger than expected jobs report and it goes with other strong data this week suggesting here is what you got to know. it's a economy that was on a modest upswing just before this catastrophic hurricane hit the northeast. 171k compared to a forecast of 125,000. so an upside surprise. the unemployment rate ticked up as expected. these were the two disappointments, the average hourly earnings and average weakly earnings numbers which by the way -- you could use those numbers. they're fine. revisions were up 84,000. the average revision in the past 18 months has been plus 45,000. this 92,000 number in august was revised up to 192,000 now. here are the good signs. where is that next one? they don't have it i guess. there we go. the revisions positive, temporary help positive. construction jobs finally showing up in the economy after month
these are like in some cases katrina-like pictures in terms of the devastation. >> even with a jobs report that the critics are -- >> it's hard for them to cite size it. some of them are making up numbers. most of the economists i talk to are calling this a stronger than expected jobs report and it goes with other strong data this week suggesting here is what you got to know. it's a economy that was on a modest upswing just before this catastrophic hurricane hit the northeast. 171k...
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Oct 31, 2012
10/12
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this is new york's katrina. obviously the death toll compared to that storm nowhere near approaching it but still 20 some odd people dead in new york alone. 2 million people without power. for those of you that live around here, we hope you're safe and your homes are okay and families are okay. if you're in other parts of the country or the world trying to trade today, there are going to be business decisions, trading decisions to be made. >> we don't know how badly the insurance is going to do. it's up to you. you may think it's bad for insurance. maybe it's good. we don't have a good ballpark of how much and more importantly, so much of the damage is flooding, which historically has been one of those things where you call the insurance company and they say did you read the fine print? we don't cover flooding. the federal government has at various times extended flood insurance and helped people. particularly when anyone remembers the fiasco where the federal government says, listen rich people, you can build b
this is new york's katrina. obviously the death toll compared to that storm nowhere near approaching it but still 20 some odd people dead in new york alone. 2 million people without power. for those of you that live around here, we hope you're safe and your homes are okay and families are okay. if you're in other parts of the country or the world trying to trade today, there are going to be business decisions, trading decisions to be made. >> we don't know how badly the insurance is going...
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Nov 2, 2012
11/12
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>> fema responds rather adroitly to -- katrina notwithstanding, to these disasters. i suspect they're going to be quite responsive right now for those who have been displaced, who have lost family members, who don't have homes. i think there will be a rapid response from the federal government. >> i'm just saying, we could use that money in other areas right now. not necessarily the bond buying program. just an observation. >> maria, i got say, i don't know if the bond buying is actually helping. we're seeing a lot of bond buying. i don't know where that money is going to. we see unemployment raising. >> is survey showed pick ups in demand for most classes in lending right now. so it has had a positive effect in a place where it could matter. we have seen in general some of the interest rates that matter go down in the economy, including mortgages. >> and a big uptick in housing. >> maybe not perfect, but it seems to have had an effect. >> do we anticipate the typical pickup in economic activity following a natural disaster of this magnitude here, ron? >> bill, liste
>> fema responds rather adroitly to -- katrina notwithstanding, to these disasters. i suspect they're going to be quite responsive right now for those who have been displaced, who have lost family members, who don't have homes. i think there will be a rapid response from the federal government. >> i'm just saying, we could use that money in other areas right now. not necessarily the bond buying program. just an observation. >> maria, i got say, i don't know if the bond buying...
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Nov 2, 2012
11/12
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we saw it after katrina and sandy will be no different. why? of course, because people are trying to salvage what they can from their homes before they rebuild or repair and they need someplace to put it. plus, you've got builders, contractors, clean-up crews, they need somewhere to put their equipment. again, self-storage. what are the reits that will see the most action? extra space storage where we are today, sovereign self-storage, and cube smart, to name a few. demand from sandy will drive revenue growth in the first half of 2013. extra space storage which has high exposure in new york and new jersey will see the biggest effect. perhaps as much as 33% of its portfolio. sovereign, up to 24%. this all according to analysts at cantor fitzgerald. now these reits are already up between 3% an 6% just since sandy hit. public storage is the largest of these self-storage reits. some haven't liked it lately because it's very expensive, but cantor upgraded it just before sandy hit from a sell to a hold. one caveat to all of of this, extraspace tellin
we saw it after katrina and sandy will be no different. why? of course, because people are trying to salvage what they can from their homes before they rebuild or repair and they need someplace to put it. plus, you've got builders, contractors, clean-up crews, they need somewhere to put their equipment. again, self-storage. what are the reits that will see the most action? extra space storage where we are today, sovereign self-storage, and cube smart, to name a few. demand from sandy will drive...
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Oct 31, 2012
10/12
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you go back to the past oil flash gasoline spikes really from storms, you really need a storm like katrina and something larger scale to really get more of a sustained follow-through over the next coming weeks. if you go back to past moves in gasoline futures, they're very short-lived trades and a lot of them already happen before the actual storm hits in anticipation of it. so it's a tricky trade. >> michael, thanks for that. michael purves joining us this morning. let's remind you where we stand. >> talking about markets and positioning when you have a storm this big and with the people who are affected by it. the dow jones industrial average is trying to add about 70 points at the open. stocks are pointing significantly higher. >> they are up again this morning. the ftse is flat. but we're up about 1.5% for the german and french markets. that's where we stand ahead of the u.s. open and ahead of "squawk box." >> thanks for joining us. see you back here tomorrow. >>> good morning. wall street finally getting ready to open for business after getting knocked out by sandy. they are expected
you go back to the past oil flash gasoline spikes really from storms, you really need a storm like katrina and something larger scale to really get more of a sustained follow-through over the next coming weeks. if you go back to past moves in gasoline futures, they're very short-lived trades and a lot of them already happen before the actual storm hits in anticipation of it. so it's a tricky trade. >> michael, thanks for that. michael purves joining us this morning. let's remind you where...
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Oct 31, 2012
10/12
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but now we've got to make sure because andrew -- until katrina, andrew was one of the worst, named after -- well, not after you. i'm not one of the worst. >> comments, if you've got more comments, shoot us an e-maie-mail e-mail @squawkcnbc.com. >>> and don't forget, we are back to business this morning on wall street. take a look at the futures, which are looking up. also, we have a $2.9 billion fashion deal this morning. the owner of tommy hill figure and calvin klein. we'll talk about that after the break. >>> welcome back, everybody. we have been keeping an eye on the futures. stock exchange is open as usual today. and right now those stock indexes are indicated higher. the s&p futures up by more than eight points. and the dow futures are also indicated higher, up by about 60 points or so at this point. and again, trading will begin as usual at 9:30 a.m. eastern time. in the meantime, why don't we get an update from pse & g. joining us on the phone is fran sulliv sullivan. and fran, yesterday, when we spoke with somebody else from pse & g, he told us this was the worst storm and outag
but now we've got to make sure because andrew -- until katrina, andrew was one of the worst, named after -- well, not after you. i'm not one of the worst. >> comments, if you've got more comments, shoot us an e-maie-mail e-mail @squawkcnbc.com. >>> and don't forget, we are back to business this morning on wall street. take a look at the futures, which are looking up. also, we have a $2.9 billion fashion deal this morning. the owner of tommy hill figure and calvin klein. we'll...
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Oct 30, 2012
10/12
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both home depot and low's, during major storms in the past of katrina and irene saw anywhere from 40 to 100 basis point lift in sales that's where we should see some of the most positive impact coming out of this >> any worry, sales from november moved forward, moved into october, people prepped hort purchases just so unique for the type of things would you buy for a storm that they wouldn't have any impact? >> no, you did get some of that you had some of the retailers, particularly the supermarkets, people were stocking up for the upcoming hurricane. they were also stocking up at home depot and lowe's, looking for generators, flashlights and batteries. october retail sales being reported on thursday, we will get some updates from the retailers on what closed. national retail course have up to 20% of their stores closed for these two days. the makeup is going to happen by the end of the month. >> yeah, what about the targets, the walmarts, some of those stores, mall -- mall anchors that are also impacted? >> yep, mall anchors will have a tougher time than the discounters. i think the
both home depot and low's, during major storms in the past of katrina and irene saw anywhere from 40 to 100 basis point lift in sales that's where we should see some of the most positive impact coming out of this >> any worry, sales from november moved forward, moved into october, people prepped hort purchases just so unique for the type of things would you buy for a storm that they wouldn't have any impact? >> no, you did get some of that you had some of the retailers, particularly...
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Nov 2, 2012
11/12
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because back to katrina for example. that was $75 billion of insured losses. which meant that the economic losses were over $100 billion. so usual talking a very big deal here. companies start to assess how much the business was disrupted. accessibility to their business. the ability of their employees to come to work. you don't start to see contamination issues and environmental issues until later on. but it's unfortunate to say and you asked me a very valid question, it's unfortunate to say that i think this number could be very big. >> the other question is who pays for all of this because the flooding, a lot of this will go to the national flood insurance program. but at some point, who ends up picking up the tab. >> i think mostly the insurance companies, becky. there's three sources of ways to fund catastrophes. you have the national flood insurance program as you mentioned, but that's under fema. fema stands for federal emergency management agency. and that's basically a response mechanism and i think they're doing a great job of responding, but it's no
because back to katrina for example. that was $75 billion of insured losses. which meant that the economic losses were over $100 billion. so usual talking a very big deal here. companies start to assess how much the business was disrupted. accessibility to their business. the ability of their employees to come to work. you don't start to see contamination issues and environmental issues until later on. but it's unfortunate to say and you asked me a very valid question, it's unfortunate to say...
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Oct 29, 2012
10/12
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i think to really -- a major change in the industry you need a disaster that would serve hurricane katrina in size or greater. although it is not necessarily just about -- losses itself. lot of it has to do with where the losses are and what the categories of the losses. if they are unique in -- type of loss, that could change the perception of risk and cause prices to go up. >> what's your best estimate based on what we know about this particular storm in terms of who will get hit the most and who will so the most losses? >> well, it should be the usual suspects. the big east coast insurers, companies like state farm, travelers, allstate, who are hue on the list of market shaur locally. >> all right. paul, unfortunately we have to leave it there. we appreciate your time and analysis. paul newsome. simon, have you an interesting insurance play. crawford. >> larger the disaster the better company does. they do the overflow for the claims for a lot of the carriers. if you see a big concentration of claims they will benefit from it. look out for crawford. >> all right. at this point we want t
i think to really -- a major change in the industry you need a disaster that would serve hurricane katrina in size or greater. although it is not necessarily just about -- losses itself. lot of it has to do with where the losses are and what the categories of the losses. if they are unique in -- type of loss, that could change the perception of risk and cause prices to go up. >> what's your best estimate based on what we know about this particular storm in terms of who will get hit the...
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Nov 2, 2012
11/12
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we can go back to katrina which was the largest destruction where the actual costs were around $150 billion. >> you can go to our website to find out why new york is looking a lot leak amsterdam fp has something to do with bicycles. and you can tune in tonight at 8:00 p.m. for hurricane sandy coming together, a benefit concert to aid victims of the storm. hosted by matt lauer. the concert will feature performances by bruce springsteen, sting, billy joel. good line up. money collected will be donated to the american red cross relief effort. >> it's final for the jobs report due out at 8:30 achl and it is the final set of numbers and the most important set of numbers before tuesday's presidential election. most forecasts expect a slight rise in the unemployment rate to 7.9%. nonfarm payrolls expected to have a slight pick up from september. has hurricane sandy mitigated the impact or is it a key indicator? >> certainly everyone's focusing elsewhere, certainly i think as soon as people get this number, the first question is what will the payroll look like next month because that's the one impa
we can go back to katrina which was the largest destruction where the actual costs were around $150 billion. >> you can go to our website to find out why new york is looking a lot leak amsterdam fp has something to do with bicycles. and you can tune in tonight at 8:00 p.m. for hurricane sandy coming together, a benefit concert to aid victims of the storm. hosted by matt lauer. the concert will feature performances by bruce springsteen, sting, billy joel. good line up. money collected will...
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Oct 29, 2012
10/12
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this is from katrina. this is from katrina which was a major event. you see those bumps there which were september and october and then they come back the next month. then look, because it's all damage dependent, the employment level in orleans parish never came back. people don't move back and that's lasting effect from that. we don't expect that in this case. >> we want to get down to lower manhattan which is bracing for that possible major flooding and evacuations were already ordered yesterday afternoon. scott cohn has the latest. >> reporter: andrew, i can tell you things are definitely getting worse. it is high tide at the battery so that's some of what's going on here. take a look. earlier this morning if you remember, i was on a dry area here overlooking new york harbor. the water is now up to my ankles and if i go back it will be up even higher. now, if you take this and you consider high tide this evening about 12 hours from now, which is about when the storm is going to be coming through and transitioning to that extra tropical storm they'r
this is from katrina. this is from katrina which was a major event. you see those bumps there which were september and october and then they come back the next month. then look, because it's all damage dependent, the employment level in orleans parish never came back. people don't move back and that's lasting effect from that. we don't expect that in this case. >> we want to get down to lower manhattan which is bracing for that possible major flooding and evacuations were already ordered...
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Nov 1, 2012
11/12
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from a public policy standpoint as i did after katrina and other storms when i was active, i said to governors, please, please, take the burden off the consumer and retailer, put in a short-term rationing system. go to odd even purchases. i know it inconvene enss people, but limit the gallon people can purchase. do this for just a period of time it takes to get theissue. people said well get a generator at the gas station. well, a generator at the gas station would have to be very large and wired in advance with all the safety precautions and so forth. but if the telephone lines are down, you can't use credit cards. and the cash register is tied to the pump. so you need a whole electrical system overhaul, not just the generator. and so you need some kind of order in chaos. that's what i'd be saying to governors. >> we're looking -- i guess coincidentally at shell stations around the area with extremely long lines. as we mentioned, you used to be the president and ceo of u.s. operations for shell. is the role of the ceo in this case somewhat limited because many of these stations are
from a public policy standpoint as i did after katrina and other storms when i was active, i said to governors, please, please, take the burden off the consumer and retailer, put in a short-term rationing system. go to odd even purchases. i know it inconvene enss people, but limit the gallon people can purchase. do this for just a period of time it takes to get theissue. people said well get a generator at the gas station. well, a generator at the gas station would have to be very large and...
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Nov 1, 2012
11/12
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the shortages, hurricane sandy didn't hit oil production facilities like hurricanes in the past, like katrina did in the gulf of mexico. so while folks are struggling in the northeast, i definitely sympathize, the situation could have been a lot worse if it hit some of the bigger petroleum sector infrastructure systems. >> and so you said prices in some parts of the country are going down. where do you think prices go in the near future? >> well, i think in pockets of the northeast that continue to be hit with supply crunches, you're going to see price increases. but for the next several weeks, i think you're going to see ripple effects of lower prices across most parts of the country. >> i see. all right. we'll leave it there. good to have you on the program, sir. thank you so much. >> my pleasure. >> see you soon. >>> up next, countdown the closely watched jobs report out first thing tomorrow morning. we'll give you the handicapping of it. stay with us. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya kn
the shortages, hurricane sandy didn't hit oil production facilities like hurricanes in the past, like katrina did in the gulf of mexico. so while folks are struggling in the northeast, i definitely sympathize, the situation could have been a lot worse if it hit some of the bigger petroleum sector infrastructure systems. >> and so you said prices in some parts of the country are going down. where do you think prices go in the near future? >> well, i think in pockets of the northeast...
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Nov 1, 2012
11/12
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but still far plea record costs of hurricane katrina several years ago. governor christy hie has pledgeo rebuild the shore but that would come at an even greater cost. and where he withstand, we have to tell you as we were driving in, there are actually school buses blocking the flooded roads. you can imagine with no school in session and very thin police availability given everything that's going on, all the emergency situations, they're use aing school buses to deter cars from going down dangerous roads.aing school buses to dete cars from going down dangerous roads.ing school buses to deters from going down dangerous roads. this boat was across the street and police have propped it up to get it out of the way so that emergency vehicles can keep going. of course that's the only way that you can get on the island here. back to you. >> have there been other people that you've seen out on the streets or is it pretty deserted aside from the emergency personnel? >> reporter: it's actually very deserted. and it's pretty eerie. i've seen all the pictures of man
but still far plea record costs of hurricane katrina several years ago. governor christy hie has pledgeo rebuild the shore but that would come at an even greater cost. and where he withstand, we have to tell you as we were driving in, there are actually school buses blocking the flooded roads. you can imagine with no school in session and very thin police availability given everything that's going on, all the emergency situations, they're use aing school buses to deter cars from going down...
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Oct 30, 2012
10/12
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unfortunately, we have some experience in working through disasters such as katrina, some of the tornadoes that we had in alabama, southern indiana, and missouri. so our team, our restaurant operations team, as well as our commissary teams are very pro active and there's a whole lot of planning that took place ahead of the storm and then obviously, you know, you still don't know what quite to expect of the storm, and the focus ends up being prioritizing how we can get to restaurants from a road closure standpoint as well as the power grid. so those are the two primary things that we're working through. >> how pressing is it to get the goods to the stores? i mean, i'm asking this because a lot of analysts out there are saying this sort of storm will provide a lift to the delivery food companies like a domino's and papa john's. what are you seeing so far? >> well, fact is we own our own commissary system. so that coordination is probably a little bit easier for us and frankly we've got a pretty firm grasp on that and we're very proactive. so we're feeling pretty positive about getting the re
unfortunately, we have some experience in working through disasters such as katrina, some of the tornadoes that we had in alabama, southern indiana, and missouri. so our team, our restaurant operations team, as well as our commissary teams are very pro active and there's a whole lot of planning that took place ahead of the storm and then obviously, you know, you still don't know what quite to expect of the storm, and the focus ends up being prioritizing how we can get to restaurants from a road...
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Oct 30, 2012
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have all kinds of restaurant colleague friends who suffered a lot worse than this so far anyway during katrina, and we keep that first and foremost in our minds. >> danny, we always think of you as a new york city guy but you have operations in philly and boston. has the damage there been much different than right along the new jersey/new york coastline? >> well, so far we have none in boston, just to be clear, but we do have two in miami and this was a rare hurricane storm that seemed to avoid miami. so those guys are good. washington, d.c., we're going to check in with them. as i said, i've been hampered myself just because we have no internet and i was able to find a land line to call in to you guys, but we realize we're in a day and age where cell phones -- we have no cell certificaservicn for some reason either. so we're trying to learn. we think that washington is okay. we think that philadelphia is okay. and then up in connecticut we're trying to find out if our west port and new haven shake shacks have electricity. sometimes that coastline gets hit hardest in terms of electricity. as s
have all kinds of restaurant colleague friends who suffered a lot worse than this so far anyway during katrina, and we keep that first and foremost in our minds. >> danny, we always think of you as a new york city guy but you have operations in philly and boston. has the damage there been much different than right along the new jersey/new york coastline? >> well, so far we have none in boston, just to be clear, but we do have two in miami and this was a rare hurricane storm that...